Torchmark and Torchmark Capital L.L.C. Announce Partial Redemption of MIPS

July 31, 2001

Birmingham, Alabama

Torchmark Corporation (NYSE: TMK) and its special purpose finance subsidiary, Torchmark Capital L.L.C. (NYSE: TMKPRM) announced today that Torchmark Capital will redeem 1.6 million shares of its 9.18% Cumulative Monthly Income Preferred Securities, Series A (MIPS) on August 31, 2001. There are 6 million shares currently outstanding. The redemption price will be $25 per share plus the accrued and unpaid dividend payment to August 31, 2001 of $.19125 per share for a total payment of $25.19125 per share. Because all the MIPS are held through the Book-Entry Only Issuance System at Depository Trust Company (DTC), DTC will determine the securities to be redeemed and will notify holders. While these securities trade on the NYSE under the ticker "TMKPRM," some financial information systems and websites indicate these securities with ticker symbols of "TMK-M" or "TMKM".

SOURCE Torchmark Corporation

Contact: Joyce Lane of Torchmark Corporation, +1-972-569-3627, or jlane@torchmarkcorp.com

Web site: http://www.torchmarkcorp.com/